Nigerian Stock Market Sustains Momentum, Records N29trn Year-to-Date Gains

Kayode Tokede

The market capitalisation of the Nigerian Exchange Limited (NGX) has appreciated by N29.7 trillion in its Year-till-Date (YtD) performance, attributed to the impressive financial performance recorded by listed firms, among other factors.

The stock market so far in 2026 has also seen significant increase buoyed by a combination of macroeconomic shifts, policy reforms, liquidity rotation, and earnings expectations. 

In addition, investors’ decision to buy into fundamental stocks is driven by drop in fixed income instruments yield.

Data compiled by THISDAY showed that the stock market that closed 2025 at N99.376 trillion has gained N29.7 trillion or 29.9 per cent to close March 18. 2026 at N129.126 trillion.  

The market capitalisation hits the N100 trillion mark in early January 2026, buoyed by renewed investor demand and broad-based gains across listed stocks. 

In February 2026, it crossed historic N120 trillion mark to close at N122 trillion, over repricing rally in Dangote Cement Plc, MTN Nigeria Communication Plc. 

Furthermore, the market capitalisation of all listed companies crossed the N130 trillion mark in March over surge investors’ demand for listed fundamental stocks quoted on the NGX.

The latest milestone highlights the sustained momentum in Nigeria’s stock market, which continues to attract growing interest from both domestic and institutional investors.

The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Mr. Temi Popoola, described the milestone as a sign of growing confidence in Nigeria’s capital market.

He added that, “Nigeria’s ongoing reforms are strengthening domestic capital formation, and the market is responding positively. Increased participation by local investors, improving corporate fundamentals, and continued market modernisation are reinforcing the role of the capital market as a catalyst for long-term wealth creation and sustainable economic growth.”

The major market indicator, NGX All-Share Index (NGX ASI) has advanced by 29.3 per cent or 45,543.83 basis points YtD to 201,156.86 basis points from 155,613.03 basis points the stock market closed for trading in 2025.  

The Chief Executive Officer of Nigerian Exchange Limited, Mr. Jude Chiemeka, attributed the milestone to sustained demand and active participation across the market.

“Crossing the 200,000-point mark reflects strong investor engagement and consistent demand across key sectors. At Nigerian Exchange Limited, we remain focused on deepening market liquidity, enhancing trading infrastructure, and ensuring efficient price discovery to support a resilient and transparent marketplace,” he added.

The stock market in 2026 has witnessed stability in the foreign exchange market, inflation rate easing to 15.06 per cent as of February  2026 and National Pension Commission (PenCom) announcing an upward revision to the permitted allocation to ordinary shares for RSA Funds I, II, III and VI-active.

“Given the importance of PFAs to domestic market liquidity, we expect the adjustment to translate into a supportive flow dynamic for Nigerian equities, strengthening the institutional bid over the near to medium term,” a group of analysts at Cordros Research explained.  

The Managing Director Arthur Steven Asset Management Limited (ASAM), Mr. Olatunde Amolegbe, highlighted that elevated liquidity ahead of 2027 elections and strategic portfolio adjustments, major company moves and decisions, foreign exchange market stability, improved inflation dynamics and accommodative monetary stance and tax and fiscal reforms are  the major factors likely to influence the stock market performance in 2026.

On the market outlook for 2026, his firm stated that,  “We remain constructive on Nigerian equities, expecting the NGX to deliver 45.9 per cent in FY:2026 under our base case. 

“Key supports include stable prices and FX, modest expected rate cuts, ample pre-election liquidity, and active capital-raising by insurance firms and PFAs. The planned Dangote Petrochemicals listing could further boost market breadth and sector representation. 

“In a best-case scenario, faster disinflation, a more aggressive easing cycle (400–900bps), stronger corporate earnings, higher FPI inflows, and additional major  listings could drive even higher returns. 

“Risks include capital gains tax sensitivity and potential delays in listings, which could dampen performance.”